The October Bank of Japan meeting minutes are very stale indeed. The big news from the Bank was this week when the pivot dropped:
more to come
Headlines from the release via Reuters:
- Members agreed must maintain current easy policy to stably, sustainably hit price target
- One member said effect of BOJ's easing may be heightening as moderate increase in inflation expectations push down real interest rates
- One member said rise in nominal wages crucial for inflation to stably hit 2%
- A few members said ill-timed policy tweak could disrupt positive inflation-wage spiral
- One member said while there is no immediate need to tweak policy, BOJ must keep eye out on side-effects of easing, examine how rising prices would affect households' behaviour and wages
- This member added BOJ must keep checking whether market players are prepared for when boj exits easy policy, scrutinise how a future exit could affect markets
- A few members said BOJ must be mindful of how future interest rate rise may affect mortgage loans
- One member said BOJ must deepen analyses on relationship between Japan's inflation and wages
- A few members said recent sharp yen falls heightening uncertainty for firms, have many demerits for japan's economy
- One member said fx rates must be determined by fundamentals
Nothing there of surprise. No hint to the move in December.
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Bank of Japan Governor Kuroda